LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global cash counter market to grow at a CAGR of almost 5% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global cash counter market for 2016-2020. The market size has been calculated from revenue generated from the sales of cash counters by the vendors in this market.
Cash counters find applications in sectors such as banking, BFSI; retail; and casinos due to their involvement with large sums of cash daily. However, these sectors are increasingly moving toward digitization. Increasing digitization in the BFSI sector has impeded the growth of the cash counter machine market significantly in developed regions like North America. Large banks are closing their branches and investing in technologies such as mobile apps and internet banking, which has had an adverse effect on the sales of cash counters.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global cash counter market:
- Increasing number of ATMs in APAC
- Growing number of bank branches in emerging economies
- Enhanced functionality of cash counters
Increasing number of ATMs in APAC
APAC has a large population that does not have access to banking facilities. To target the population, banks are increasingly setting up ATMs. In 2015, the growth of ATMs in APAC was registered at 13%. Bangladesh, with a population of 156 million, witnessed 20% growth, from 2014, in the number of ATMs installed in 2015. The double-digit growth rate is mainly because banks in the country do not have to obtain permission from the country's Central Bank for setting up new ATMs. In terms of number of ATM installations, Bangladesh was followed by Pakistan, India, and China.
Abhay Sinha, a lead analyst at Technavio, says, “The number of ATM installations is set to grow during the forecast period. Hence, there will be a huge demand for cash counters in APAC. In 2015, Bangladesh had 45 ATMs per million people. Pakistan has 52 ATMs per million people, whereas China had 335 ATMs per million people.”
Growing number of bank branches in emerging economies
“Retail banking channels like brick-and-mortar branches have faced the impact of digitization in the BFSI sector in developed economies, but the scenario is different in emerging economies. Banks in emerging economies such as India and China are opening branches to target the population that does not have access to banks. The increasing number of bank branches in emerging economies will drive the market for cash counters in APAC,” adds Abhay.
Enhanced functionality of cash counters
The basic functionality of a cash counter machine was to count banknotes and coins. After that, banks had to manually sort the cash of different denominations, which was a time-consuming process and prone to errors. In addition, there was no method to identify the authenticity of currency. Thus, vendors in the market have capitalized on the need for an all-in-one product and designed cash counting machine with the integrated features of sorting and counterfeit detection.
Currently, most vendors provide cash counters that have LED displays, and check the authenticity of the currency. The coins and the notes are sorted as per their denominations. Several manufacturers are differentiating their cash counter machines on primary parameters of speed and counterfeit detection. For instance, the JetScan series by Cummins Allison uses the latest technology to provide cash counters that can count 1,600 bills per minute, apart from identifying fake currencies.
Top vendors:
- Glory Global Solutions (Holdings)
- Giesecke & Devrient
- Royal Sovereign
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